Risk software supplier, eTech, has signed a deal with Keystone Property Finance to provide a technical solution that will help brokers to quickly upload portfolio details when submitting buy to let applications from portfolio landlords.
The solution, called the Buy to Let Hub, will also help Keystone streamline portfolio stress testing and income coverage assessment when underwriting applications.
Commenting on the deal, CEO of Keystone, David Whittaker said:
"The Buy to Let Hub allows brokers to upload their clients’ excel spreadsheet of properties, then converts the data into the correct format for Keystone's Application Submission System. The resulting document can then be submitted as part of the normal application process. It can also be saved by the broker for record keeping purposes and sent on to the client.
"We hope that this will be a game-changer for brokers, saving them hours of time reworking documents or keying in the details of entire portfolios by hand."
The solution is being implemented as part of Keystone's programme to ensure that it is ready for the PRA's new underwriting standards for portfolio landlords - i.e. those with four or more mortgaged buy to let properties - which come into effect on 30 September.
Mark Blackwell, Director at eTech added:
"As well as making life easier for brokers and landlords at the front-end, the Buy to Let Hub will help streamline Keystone's processing systems and complement the human element of underwriting. In particular, it will provide instant AVM validations and can process multiple applications from the same borrower simultaneously.
"The market has become even more specialist as a result of PRA II, and the winners in this field will undoubtedly be those lenders which recognise the need to simplify systems for themselves and brokers, and meet the Regulator's requirements at the same time."